Since most savings accounts offer a poor interest rate these days, lots of savers are now searching for other ways to save their hard earned money that can achieve a better return.

With the Government’s Renewable Heat Incentive in mind, the solution could be provided, by a decision to use a biomass boiler to provide heating in your home.

The initial expense of installing this type of a boiler seems rather expensive, however, the return received over the years, makes this type of heating a very smart investment.

Invest the £35,000 cost of installing a high end wood burning boiler in a fixed rate bank savings account and you might expect interest of about £1,000 after allowing for the current inflation rate.

Whereas spending the £35,000, to install a wood burning boiler, such as the Euroheat 45kW in your home and the return would be twenty two times higher than the figure above, tax free!

This surprising outcome is due to the Government’s incentive scheme, to motivate homeowners to use renewable fuels like wood chips, logs or pellets to heat there homes and offers an income of up to £57,645 in seven years, free of tax.(amount based on an evaluation of 67,500kWh per year green deal).

Additional savings are also available, since a Euroheat wood fired boiler costs less to operate than current heating systems using gas and oil, thus reducing your heating bill by up to 60 per cent.

Burning a biomass product like wood, is also more environmentally friendly, which makes a wood fired boiler a significant future proof investment.

The boiler installation process is a relatively simple one too.

The featured SHT, TDA Thermodual 40 boiler from Euroheat , can burn both pellets and logs, automatically switching between them as necessary.

Priced around £13,578, PLUS costs of installation, this boiler could bring in £53,546 over 7 years in Government domestic RHI payments.